Citigroup

Report: Before the Bailout of 2008: New York City's Experience with Tax Giveaways to Financial Giants

February, 2009

Good Jobs New York's report summarizing taxpayer subsidies to six firms – American International Group, Bank of America, Bear Stearns, Citigroup, JPMorgan Chase, and Merrill Lynch. It finds that the deals have been plagued by porous contracts that lack accountability, and very poor public disclosure and job losses. The report offers common sense transparency solutions.

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Report: Pay, Or We (Might) Go: How Citigroup Games the States and Cities

June, 2007

Sarah Stecker, New Jersey Policy Perspective and Dan Steinberg, Good Jobs New York

An analysis of Citigroup’s practices in four states—New York, New Jersey, Kentucky and Texas—suggests that the world’s largest financial institution rarely makes a move without getting taxpayers to help foot the bill.

Using the threat of moving facilities and jobs elsewhere, Citigroup has repeatedly played state against state and locality against locality to attract at least $285.9 million in subsidies in just the four states.

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Report: Know When to Fold ’Em: Time to Walk Away from NYC’s Corporate Retention Game

February, 2004

Stephanie Greenwood and Bettina Damiani

This report analyzes contracts that have never been made public before on tax breaks New York City gave to companies that threatened to leave town in the late 1980s and 1990s. Since then, these companies have often failed to create or even retain jobs. Our analysis of the tax-break agreements reveals why: the contracts lack commitments to new job creation, provide weak safeguards against layoffs, and often don’t require companies that break their job retention promises to pay the city back. Lack of public disclosure on these deals and their outcomes has prevented taxpayers from making informed judgments about their value.

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Monthly Subsidy Alert

Want to know who applied for a subsidy? Sign up for our "Subsidy Alert"

Fresh Perspectives on Fresh Direct

GJNY takes a close look at the proposed subsidy package--worth nearly $130 million--for Fresh Direct to relocate to the South Bronx. In early 2012, Fresh Direct started a bidding war between New York City and New Jersey officials when it threatened to leave its current home in Long Island City, Queens. Learn more about the subsidies, job promises and the efforts of residents to block the on-line grocery retailer's move to their waterfront.

Keeping an eye on Hurricane Sandy recovery money

As government aid begins to flow into areas devastated by Hurricane Sandy, Good Jobs New York will provide analysis and recommendations regarding these resources that promote a transparent and equitable allocation of funds that go to individuals and businesses that need it most.

Database of Deals

Our database contains information on thousands of companies that received economic development subsidies in New York City.

Spotlight on Economic Development

Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.

Good Jobs FIrst

Our parent organization is the nation's leading resource for grass roots groups and public officials seeking to make economic development subsidies more accountable and effective.